5 Written questions
5 Matching questions
- Kinds of Financial records
- Single-entry systems-
- Double-entry system accounting equation:
- a The monetary value of a property or of an interest in a property in excess of claims or leins against it.
- b Assets = Liabilities + Proprietorship (Capital)
- c A paper describing a purchase and the amount due.
- d Daily journal and checkbook
- e is very basic and usually is used in small business. They are inexpensive, easy to us, and require lettle training.
5 Multiple choice questions
- Form W-4
- A financial summary for a specific period that shows the beginning balance on hand, the receipts and disbursements during the period, and the balance on hand at the end of the period.
- recording, classifing, summarizing, and interpreting financial statemends.
- is a record that is used to make payments.
- Amounts owed to the physician.
5 True/False questions
Employment records include → Statement of income and expense, cash flow statement, trial balance, accounts receivable balance and aging analysis, balance sheet.
Bookkeeping rules → A standard of comparison to make sure answers obtained are accurate.
Statement → An accounting period of 12 months during which a company determines earnings and profit; the fiscal year does not neccessarily begin in January; the business determines the beginnging of its fiscal year.
Assets → The entire property of a person, association, corporation, or estate applicable or subject to the payment of debts.
All records of employment taxes should be available for review by the → IRS